Knowing the Project Life Cycle Part 2

02 October 2010

The third part of a project life cycle is the execution of the project that has been planned out. This is the actual state where the deliverable is made. This is possible because of the work that was done prior to this part.

The execution of the project life cycle involves the implementation of the project plan along with all of the supporting components. This is where the time management plays a critical part of the project. Keeping to the schedule is imperative so the completion of the project on time sand the supporting network of the business can plan the advertising, storing and shipping of the deliverable.

To help keep the project on schedule the project life cycle components of risk and issue management must be handled correctly. You know this is being done successfully when little to no impact of any issue or risk is affecting the project and its momentum to a successful completion is maintained. Milestones are being met and the costs are all running as projected is the best way the project manager will know if their project is on track.

The quality plan and its management plan a critical part in this section of the project life cycle. If a problem does arise in this stage the cyclic methodology of this approach kicks in and takes over. This is because there is a path to take the project back to the planning stage and make the necessary adjustment so the completed deliverable is capable of generating a revenue stream.

When the project passes the acceptance criteria of the project life cycle plan then the project is approaching closure. When this occurs all of the preparation and hard work has paid off and the deliverable can be pulled from the project life cycle.

The ending of one project is not the end of the project life cycle because it is continuous. At the ending of one project signals the beginning of a new project and the birth of a new deliverable for the company to establish a new revenue stream.